Compliance Updates
UKGC Responds to Independent Inquiry into BetIndex
The UK Gambling Commission (UKGC) has announced that it will make changes to the way it regulates innovative digital gambling products.
The announcement follows publication of the Independent Review of the Regulation of BetIndex Limited. The Review highlighted areas where the approach of both the Commission and the Financial Conduct Authority (FCA) could be improved.
Andrew Rhodes, CEO of UKGC, said: “No amount of explanation of what happened to Football Index will take away the justifiable hurt and anger its customers are experiencing having lost, in some cases, life-changing amounts of money when the gambling company collapsed.
“We accept and agree that we should have drawn a line under our efforts sooner, but this does not mean those customers would not have lost money in the event of the BetIndex company collapsing. Throughout this case we sought the best outcome for consumers within the scope of our regulatory powers.
“The review provides a number of helpful recommendations for how both regulators can work better together and for how our regulatory approach deals with novel products.”
He continued: “In recent years we have seen an increase in the complexity of business models and product offerings. The lines between what is gambling and other types of products, such as financial services or computer games, has become increasingly blurred and no longer neatly fit into existing statutory definitions of gambling.
“We have already acted on a number of the recommendations in the report. This has included more explicitly including novel products as one of the factors we consider as part of our assessment of a gambling company’s risk. We have also further strengthened the Memorandum of Understanding we have with the FCA so that issues that blur the lines between financial services and gambling are escalated and actioned more rapidly.
“Our actions were always focused on trying to protect consumers while we sought to bring the operator into compliance with regulations. This does not mean however that those customers would not have lost money in the event of the BetIndex company collapsing.”
EGT Digital is proud to announce that it has obtained a licence that allows it to provide its software products in Brazil. The Bulgarian provider was certified by the regulator Secretariat of Prizes and Bets (SPA) and can now offer local operators its rich portfolio of gaming solutions, containing over 120 in-house developed casino titles and the 4 top-performing jackpots Bell Link, High Cash, Clover Chance, and Single Progressive Jackpot.
Tsvetomira Drumeva, Head of Sales at EGT Digital, shared her excitement regarding the authorization: “We are delighted to have the opportunity to present our gaming content to the Brazilian market. Our slots are available to domestic players, ready to captivate them with their numerous fascinating features and provide an unforgettable experience, fully tailored to their tastes and preferences.”
The post EGT Digital is a licensed software provider for Brazil appeared first on Gaming and Gambling Industry in the Americas.
Bettors in Arizona wagered approximately $791 million on sports in October of 2024, according to a new report by the Arizona Department of Gaming. This represents an approximate 22% increase when compared to October of 2023.
The state collected approximately $2.35 million in privilege fees in the month.
The post Arizona Department of Gaming Releases October Sports Betting Figures appeared first on Gaming and Gambling Industry in the Americas.
7777 gaming has successfully certified 20 of its most popular games for the Peruvian market, aligning with recent legislative updates to enhance and regulate the local gaming environment. The recent developments are a logical step forward in the Peruvian market after securing a supplier license from the Peruvian Ministry of Foreign Trade and Tourism (MINCETUR) earlier last year.
“Peru is a dynamic and fast-growing market, and we’re thrilled to bring our unique games to players across the region. This is an exciting opportunity to establish long-lasting partnerships with local operators and elevate the Peruvian gaming experience.”, said Zhana Aleksandrova, Business Development Manager for Spain & Latin America at 7777 gaming.
Operating fully in compliance with Peruvian regulations under the entity Gaming Innovation OOD, and registered under license number PSV0208, 7777 gaming is set to introduce its portfolio of engaging and diverse online casino games to the Peruvian market. These include fan-favorite titles such as Crazy 100 Bucks, Barbarian, Candy Anyways, Devil’s Deal Soul for Sale, Club Mr. Luck, and many more. Known for their captivating visuals, immersive gameplay, and unique features, these games have already resonated with players in various international markets.
The 20 newly certified games on the market allow 7777 gaming to be live on the leading online operators in Peru and further strengthen its position as one of the most prominent online casino providers in Latin America.
About 7777 gaming:
7777 gaming is an innovative and data-driven B2B igaming provider, founded in 2020 with the mission to revolutionize and challenge the status quo in the industry by offering 360-degree platform, state-of-the-art online casino games, iLottery, Jackpot, and marketing solutions, draw-based games, scratch cards, and much more.
The product is built by a dedicated team of visionaries with over 20 years of experience. The games and the RNG are tested and compliant in several highly regulated jurisdictions worldwide. Besides, the company achieved and maintained ISO 27001 certification. 7777 gaming holds a gambling license in Bulgaria and Romania and an MGA Certificate to provide its online casino games to these markets.
7777 gaming is already partnering with the leading aggregators and platform providers in the igaming industry.
The post 7777 gaming secures certification for first set of games in Peru appeared first on European Gaming Industry News.
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